LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global background check services market is expected to grow at a CAGR of 2.47% over the next five years due to the increase in outsourcing of background check services.
The research report titled ‘Global Background Check Services Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“Increasing amount of pre-employment scrutiny to minimize on-job crimes, the rise in the gig economy, globalization of organization and workforce, and greater outsourcing of non-core business activities such as background check services is fueling market growth,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “It is also being observed that background check service players are collaborating with local players or investing in setting up regional offices across multiple geographies to increase their reach across different markets,” adds Angad.
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Cost saving opportunities in the global background check services market
The adoption of various cost-optimization levers helps buyers of background check services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global background check services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Buyers prefer to engage with suppliers who can provide technologies such as advanced screening to help plan the screening process efficiently, mobile portals to enable real-time screening and information sharing, and cloud-based systems to offer instant access to information. The adoption of these technologies saves up to 9% of the total category spend for the buyers.
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Optimization of procurement practices saving aspects
Buyers prefer suppliers that use social security number to check potential criminal records, financial frauds, and other details of a candidate from authentic sources in minimal time.
Also, buyers need to ensure the adherence to regulations such as FCRA and EEOC by choosing suppliers who understand how businesses can use background checks to make efficient hiring and screening decisions.
Bundling of services saving aspects
Buyers can save up to 13% of the bundled spend area by engaging with suppliers who bundle together services such as global screening, access to report database, I-9 verification, and drug screening.
Buyers prefer suppliers that have a thorough and comprehensive documentation of the screening process to ensure that the candidate's data are stored for future use, especially during a compliance crisis.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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